GSM London Uses Tool to Identify Oil's Changing Landscape
GSM London, a higher education institution with campuses in Greenford and Greenwich, created an interactive guide identifying how countries trade one of the world’s most important resources – crude oil.
The guide uses data from the United Nations and shows the top 10 importers and exporters of crude from 1995-2014 and includes commentary on the oil trade’s changing landscape.
James Milne, module leader for the energy and procurement department at GSM London, said the surge in interest in oil and gas related courses at GSM London is due to the attractiveness of the industry in relation to job roles and salaries offered to graduates.
“London in particular has emerged as the world’s capital for small oil and gas startups, while education in the UK prepares many for employment in other parts of the world,” Milne told Rigzone. “The oil and gas management program at GSM London has been extremely popular with more than 1,000 students currently enrolled in the undergraduate option – many of these students are eager to begin a career in different regions of the world.”
For example, he noted Africa has a growing need for graduates with managerial skills (health and safety, operations, maintenance and production, project controls, law and policy and environment) as well as engineering skills – deepwater drilling expertise is in high demand in West Africa.
Milne provided commentary in a release on the industry’s key developments in 2016:
- Seeking New Sources for Oil Production: Low oil prices has prompted companies to take a closer look at their exploration and production activities and explore fossil fuels in difficult geographical and climatic regions. Supermajors are searching for oil in the Arctic and in deepwater locations.
- Decline of Crude Oil Powerhouses: When crude was trading in the $80-$100 range, many Middle Eastern countries began major infrastructure and social welfare spending programs, but with crude bottoming out in the $30-ish per barrel range, these countries’ spending commitments were eroding their foreign currency reserves and government-owned investment funds.
- Impact of Over-Production: With so much oil produced across the world, the concern is what this will mean for global oil prices. If the significant over-production levels continue, there will come a time when the world will run out of storage locations for the unsold crude.
- Import vs. Export: The United States has been the biggest importer of oil for 20 years, however its spending has fallen sharply since 2011. India has become the third biggest importer in the world, and as home to about one-sixth of the world’s population, the country’s oil needs are likely to keep rising as it continues to develop.
- Diversification in the oil industry: Change is certain. With companies dissolving, M&A (mergers and acquisitions) activity, cost-cutting and more, the industry has been forced – and will continue – to adapt.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.